Trusted Mortgage Education

Navigate Your Home Loan With Total Confidence

Plain-English mortgage guides, live rate comparisons, and powerful calculators — everything you need to get the best deal on your home loan.

Calculate My Payment → Explore All Guides
50+ In-depth guides
$0 Always free to use
6 Loan types covered
Daily Rate updates
Free Tool

Mortgage Payment Calculator

Instantly estimate your monthly mortgage payment including principal, interest, taxes, and insurance. Adjust the numbers to fit your situation.

What's included in your payment?

  • P
    PrincipalThe portion of your payment that reduces your loan balance.
  • I
    InterestThe cost of borrowing money, expressed as your annual rate.
  • T
    TaxesProperty taxes collected monthly and held in escrow by your lender.
  • I
    InsuranceHomeowner's insurance and PMI if your down payment is under 20%.

Calculate Your Payment

Enter your loan details below to see your estimated monthly payment.

Est. Monthly Payment $1,828

* Estimate includes principal & interest only. Taxes and insurance vary by location. Consult a licensed mortgage professional for exact figures.

Loan Programs

Find the Right Mortgage for You

From first-time buyer programs to jumbo loans, understand every mortgage option available to you in 2024.

Conventional Loan

The most common mortgage type, not backed by a government agency. Ideal for borrowers with strong credit and solid income history.

Min Credit Score620+
Min Down Payment3%–20%
PMI RequiredUnder 20% down
Most Popular

FHA Loan

Government-backed loans with flexible qualification requirements. Perfect for first-time buyers or those with less-than-perfect credit.

Min Credit Score580
Min Down Payment3.5%
Mortgage InsuranceRequired always

VA Loan

Exclusive to military veterans, active-duty service members, and eligible surviving spouses. One of the best mortgage deals available.

Min Credit ScoreNo minimum
Down Payment0%
PMI RequiredNone

USDA Loan

Zero-down-payment loans for properties in eligible rural and suburban areas. Income limits apply but this is a fantastic option for qualifying buyers.

Min Credit Score640
Down Payment0%
Location RequirementRural areas

Jumbo Loan

For loan amounts exceeding conforming loan limits ($766,550 in most areas). Requires strong financials but allows purchases of high-value properties.

Min Credit Score700+
Min Down Payment10%–20%
Loan Minimum$766,551+

Adjustable Rate (ARM)

Starts with a lower fixed rate for an initial period, then adjusts with the market. Smart choice if you plan to sell or refinance within a few years.

Initial Fixed Period5, 7, or 10 yrs
Rate After PeriodAdjusts annually
Best ForShort-term owners
Live Data

Today's Average Mortgage Rates

National average rates updated daily. Your actual rate will depend on your credit score, down payment, loan type, and lender.

Loan Product Interest Rate APR Change Best For
30-Year Fixed 6.82% 6.95% ▼ 0.03% Stability-seekers
20-Year Fixed 6.54% 6.68% ▼ 0.05% Balance of savings/payment
15-Year Fixed 6.21% 6.38% ▲ 0.02% Pay-off faster
5/1 ARM 6.38% 7.12% ▼ 0.08% Short-term homeowners
7/1 ARM 6.45% 7.08% ▲ 0.01% 7-yr planning horizon
FHA 30-Year Fixed 6.58% 7.35% ▼ 0.04% Lower credit / first buyers
VA 30-Year Fixed 6.31% 6.48% ▼ 0.07% Veterans & military
Jumbo 30-Year 7.14% 7.28% ▲ 0.03% Luxury / high-cost markets

Rates shown are national averages for informational purposes only and are not guaranteed. Actual rates vary by lender, borrower creditworthiness, loan amount, and geographic area. Data sourced from Freddie Mac and industry surveys. Always compare offers from multiple lenders before making a decision.

Knowledge Center

Essential Mortgage Guides

View all guides →
Couple meeting with mortgage lender for pre-approval
Pre-Approval How to Get Pre-Approved for a Mortgage in 2024: Complete Step-by-Step Guide

Getting pre-approved is the first step to buying a home. Learn exactly what lenders look at, what documents you need, and how to strengthen your application before you apply.

By Smart Mortgage Team 12 min read
Saving for mortgage down payment
Down Payment How Much Down Payment Do You Really Need?

Debunking the 20% myth and exploring your real options, from 0% down VA loans to 3% conventional programs.

8 min read
Credit score for mortgage
Credit Credit Scores & Mortgages: What You Need to Know

How your credit score affects your rate, what lenders look for, and proven ways to improve your score before applying.

10 min read
Mortgage closing costs breakdown
Closing Costs Understanding Mortgage Closing Costs: A Complete Breakdown

Closing costs typically run 2–5% of your loan. Here's every fee, what it covers, and how to negotiate them down.

9 min read
When to refinance your mortgage
Refinancing When Does Refinancing Your Mortgage Actually Make Sense?

The break-even calculation, when to refinance, and the hidden costs most homeowners overlook before refinancing.

7 min read
Smart Strategies

Insider Tips That Save You Thousands

Rate Shopping 0.5%

One number that changes everything

Even half a percent lower interest rate can save you over $30,000 on a $350,000 loan over 30 years. Always compare at least 3–5 lenders before committing. Multiple mortgage inquiries within 45 days count as a single credit pull.

DTI Ratio

Keep Your Debt-to-Income Below 43%

Lenders calculate your DTI by dividing your monthly debt payments by your gross monthly income. Most programs cap at 43%, but getting below 36% unlocks better rates and more lender options.

Quick Tip

Lock Your Rate Early

A rate lock freezes your interest rate for 30–60 days during the closing process, protecting you from market increases.

Down Payment Strategy

The PMI Elimination Play

Private Mortgage Insurance (PMI) typically costs 0.5–1.5% of your loan annually. Reach 20% equity through your initial down payment or faster payments, and you can cancel PMI — saving hundreds per month. Once you hit 20% LTV, request removal immediately.

Extra Payments

One Extra Payment Per Year

Making one extra mortgage payment annually cuts a 30-year loan down to approximately 25 years and saves tens of thousands in interest.

Timing

Close at End of Month

Scheduling your closing near the end of the month reduces prepaid interest costs at closing.

The Journey

How the Mortgage Process Works

From first inquiry to handing you the keys — here's what to expect at every stage.

01

Check Your Credit & Finances

Review your credit score, calculate your debt-to-income ratio, and determine how much house you can realistically afford.

02

Get Pre-Approved

Submit a mortgage application with pay stubs, tax returns, and bank statements. Your lender issues a pre-approval letter valid for 60–90 days.

03

Shop & Make an Offer

Find your home, make an offer, and have it accepted. Your real estate agent and lender work together from this point forward.

04

Close & Get Your Keys

Final underwriting, appraisal, home inspection, and closing disclosure. Sign the papers, wire your down payment, and collect your keys.

FAQ

Answers to Your Most Common Questions

Can't find what you're looking for? Browse our complete library of mortgage guides or use our calculator.

Browse All Guides →
Most conventional loans require a minimum credit score of 620. FHA loans allow scores as low as 580 with a 3.5% down payment, or even 500 with 10% down. VA and USDA loans often have no official minimum but most lenders look for at least a 580–620. The higher your score, the lower your interest rate — a 760+ score typically gets you the best rates available.
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs, and no more than 36% on total debt. With a $6,000/month gross income, that means targeting a mortgage payment around $1,680 or less. Use our mortgage calculator to find the loan amount that fits your budget at today's rates.
The old 20% rule is a myth for most buyers. VA loans require 0% down. USDA loans require 0% down in eligible rural areas. FHA loans require just 3.5% down. Conventional loans can go as low as 3% down. Putting less than 20% down on a conventional loan typically requires PMI, adding $50–$200/month to your payment until you reach 20% equity.
The interest rate is the base cost of borrowing the money. APR (Annual Percentage Rate) is a broader measure that includes the interest rate plus other costs like points, mortgage broker fees, and certain closing costs. APR is always equal to or higher than the interest rate. When comparing lenders, compare APRs rather than interest rates alone — it gives you a more accurate comparison of total loan cost.
A 15-year mortgage has a lower interest rate (typically 0.5–0.75% lower) and you'll build equity faster and pay far less total interest. But the monthly payment is significantly higher — sometimes 40–50% more. A 30-year mortgage has lower monthly payments giving you more cash flow flexibility. Many financial advisors suggest taking the 30-year and investing the payment difference in the stock market for potentially better long-term returns.
Refinancing makes sense when you can lower your rate by at least 0.5–1%, plan to stay in the home long enough to recoup closing costs (typically 2–3 years), want to switch from an ARM to a fixed rate, or need to tap into home equity. Calculate your break-even point: divide total closing costs by your monthly savings. If you'll be in the home past that point, refinancing likely makes financial sense.
Standard mortgage application documents include: 2 years of W-2s or 1099s (plus tax returns for self-employed), 30 days of recent pay stubs, 2–3 months of bank statements for all accounts, a photo ID and Social Security number, and information on current debts (auto loans, student loans, credit cards). Self-employed borrowers may also need profit & loss statements and a CPA letter.
Take the Next Step

Ready to Find Your Best Mortgage Rate?

Use our free tools, read our expert guides, and make the most informed decision of your financial life.

Calculate My Payment → Compare Today's Rates